§ The Financial Secretary to the Treasury (Mr. Glenvil Hall)I beg to move, in page 24, line 13, after "authority," to insert "or a composite company."
Perhaps I ought to offer a brief explanation of this Amendment to the Committee, because the reason for inserting these words here is not apparent as we have not yet dealt with the new Clause to which reference is here made. This Clause lays down the compensation to be paid to undertakings other than local authorities, and as I think the hon. Members of the Committee are now aware, there are companies which are to be known as "composite companies." They are companies which are engaged in other activities besides the provision of electricity; they may provide gas, or water, or both; and by a new Clause which we shall be coming to presently, we intend to deal with companies in that situation. The short point here is that those companies, unlike the companies to which this Clause refers, will continue in existence, and therefore we shall be paying compensation not to the holders of securities but to the companies themselves. As I have said, we shall be dealing with the matter more fully when we come to the new Clause, and perhaps that brief explanation will be sufficient at the moment.
§ Amendment agreed to.
§ Clause, as amended, ordered to stand part of the Bill.